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Sovereign Risk and Financial Crisis

Part of the International Political Economy Series Book Series

DOI: 10.1057/9781137511645

ISBN: 978-1-349-57304-2

Publisher: Palgrave Macmillan UK - Springer Journals

Dec 1, 2015

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Chapter 1Sovereign Risk, Politics and the Eurozone Crisis

Pepino, Silvia

Pages: 1 –26

[For a number of decades, sovereign risk was considered by most a defining feature of emerging markets. While emerging market economies experienced repeated cycles of booming capital inflows followed by financial crisis, the environment appeared much calmer in advanced economies, with no default...
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Chapter 2An IPE Framework for Sovereign Risk

Pepino, Silvia

Pages: 27 –52

[As highlighted in Chapter 1, the existing literature suffers from an under-investigation of the role of politics in driving investment decisions. In the case of developed democracies in particular, the issue is often rapidly dismissed on the grounds that political institutions do not matter for...
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Chapter 3Bond Spreads, EMU Design and the Run-up to the Crisis

Pepino, Silvia

Pages: 53 –72

[Greece and Ireland were the first two countries to be hit by the EMU sovereign debt crisis: Greece was the first victim, in the first half of 2010, and Ireland followed in the second half of the same year. While the sovereign debt crises were dramatic events in both countries, their severity,...
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Chapter 4The Greek Sovereign Debt Crisis

Pepino, Silvia

Pages: 73 –95

[Between the beginning of October 2009 and May 10, 2010, financial markets’ attitude towards Greek sovereign debt changed dramatically. In the space of six months, Greece went from being considered a de facto risk-free credit to being singled out as the riskiest in the world. As financing costs...
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Chapter 5The Irish Sovereign Debt Crisis

Pepino, Silvia

Pages: 96 –120

[From August 2010, financial markets’ concerns about the creditworthiness of the Irish sovereign increased significantly, due to large contingent liabilities from bank bail-outs and guarantees, as well as the direct impact on public finances of the real-estate collapse and deep economic...
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Chapter 6The International Political Economy of the Eurozone Sovereign Debt Crisis

Pepino, Silvia

Pages: 121 –140

[This book contributes to a better understanding of how international financial markets price sovereign risk in developed democracies, and especially in the developed democracies of the Eurozone. In particular, it identifies and highlights the influence of political economy factors in driving...

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